UPDATE: Olbermann will file suit agaisnt Current TV. His full statement is available here.

The complete memo from Current TV:

To the Viewers of Current:

We created Current to give voice to those Americans who refuse to rely on corporate-controlled media and are seeking an authentic progressive outlet. We are more committed to those goals today than ever before.

Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it.

We are moving ahead by honoring Current's values. Current has a fundamental obligation to deliver news programming with a progressive perspective that our viewers can count on being available daily -- especially now, during the presidential election campaign. Current exists because our audience desires the kind of perspective, insight and commentary that is not easily found elsewhere in this time of big media consolidation.